Investing in property maintenance ensures that the value of your property keeps increasing, attracts good tenants and is never vacant.
However, regular property maintenance doesn’t come cheap and you need to have proper strategy if you wish to reduce maintenance costs.
Following are some of the strategies for reducing maintenance costs for your properties.
1. Look for Quality Tenants
Letting tenants in your property, without due diligence can sky-rocket your maintenance costs.
As a property manager, it can be stressful to fill vacant properties as quickly as possible to turn them into revenue-generating assets for your clients.
However, just as tempting as it may be to rent it to the first person that approaches you, know for a fact that you are entering the worst deal of your life by doing so.
Having malicious tenants that purposefully damage the property or are simply irresponsible is a one-way ticket to hell. The other type is those that keep on complaining about the slightest inconvenience and want to get it fixed right away. Additionally, tenants that are habitual late-payers, might make it even difficult for you to balance your books and keep some money aside for unforeseen maintenance costs.
Damage done to property by irresponsible tenants costs you more than it takes to fix normal wear and tear. This depreciates the value of your property, making it harder to fill it in for another potential tenant.
One of the sure-shot strategies for reducing maintenance costs is to thoroughly screen tenants and talk to their previous landlords before letting them in. Good tenants will not only take care of the property as their own but also inform you of any issues before any significant damage is done. This will, in turn, reduce the maintenance costs of your property.
2. Respond to Problems as Soon as They Arise
When your tenants call you to get something fixed, assume that they have already taken a while before informing you. Delaying it further will only make it worse.
Deferred maintenance or one that goes unreported, is not only expensive but also time-consuming.
Some ways to ensure that you respond to problems as soon as they arise to reduce maintenance costs associated with it, include:
- Educating your tenants on maintenance reporting and what entails an emergency request.
- Making it easy for your tenants to place service requests through a portal, which is accessible to them irrespective of what time or day it is.
- Maintain a list of reliable vendors or suppliers that are available to attend to your work order.
i4T Maintenance, the Property Maintenance app helps you receive and respond to service requests by tenants as soon as they come in. It also allows you to get quotes from suppliers instantly.
This ensures that maintenance issues are resolved without delay, thereby helping you reduce maintenance costs in the long run.
3. Manage your Suppliers Well to Reduce Maintenance Costs
One way to reduce maintenance costs is to have a system in place that allows you to maintain and have access to thoroughly vetted field service suppliers.
Things you need to look at include:
i4T Maintenance, is one such property maintenance app that allows property managers to not only hire trusted contractors but also assign work orders. You can also keep track of work progress, disburse payments and get your tenants to rate the work done them.
Additionally, maintaining relationships with a list of vetted suppliers might also allow you to negotiate rates, which in turn reduce maintenance costs for your properties.
4. Conduct Regular Property Inspections and Carry Out Preventive Maintenance
i4T Maintenance, is one such property maintenance app that allows property managers to not only hire trusted contractors but also assign work orders. You can also keep track of work progress, disburse payments and get your tenants to rate the work done them.
Additionally, maintaining relationships with a list of vetted suppliers might also allow you to negotiate rates, which in turn reduce maintenance costs for your properties.
The golden rule for property management is to conduct regular property inspections to identify potential issues that might arise in the future.
Rather than waiting for a system to break down requiring you to arrange costly emergency repairs, carrying out preventive maintenance can reduce maintenance costs in fixing it later.
Your checklist for regular property inspections should include:
- Overall condition of the property including pest, rodents, leaks, mould, clogged drains and gutters, falling and slipping hazards, electrical, gas and outdoors.
- Perform routine maintenance of systems like HVAC, water heater, security system, smoke detectors, monoxide detectors etc.
- Check if there are any repairs needed that have not been reported.
Ensure to take photos and videos during your property inspections. This is a necessary step that will help you communicate the issue clearly to the landlord and help your suppliers quote you precisely for any maintenance work. i4T Maintenance can help you maintain visual records of your property inspections making this step a breeze.
Additionally, revisiting your past maintenance data allows you to budget for future maintenance work to avoid costly surprises down the line, thereby helping you reduce maintenance costs.
5. Know your Property Codes
Legal compliance of property codes is a serious matter when it comes to property maintenance. This is especially important if the code violations are putting the occupants’ life or safety at risk.
In some states, the tenants might even have the right to withhold rent if the rental isn’t up to code.
As a property manager, it is your responsibility to make sure that the property you manage is thoroughly inspected. Ensure the structure, stairs, heating, exterior walls, drainage, ventilation, egress, garages and smoke alarms are not only built and installed as per the codes but also maintained as such over the life of the property.
When you hire a professional for property maintenance, you need to ensure that they are qualified and compliant to carry out the work as per the building code.
The right strategy to vendor compliance management will reduce maintenance costs in the long run. This is because it will help you avoid fines and lawsuits due to code violations or safety hazards, as well as rework.
Wrapping up
The right strategies to reduce maintenance costs can help you be on top of your game as a property manager, keeping your tenants and landlords satisfied.
i4T Maintenance plays a vital role in helping you find vetted suppliers for property maintenance. You can also keep a visual record of all work orders, keep track of work progress in real time and gauge client satisfaction through ratings and reviews. Request your 14-day free trial today.
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